Credit impairment charge up 22% at StanChart
Higher provisions taken, even as number of stage three loans drops
Cash deducted from income to cover expected credit losses (ECL) on loans hit $906 million at Standard Chartered in 2019, up from $740 million the year before, as the Hong Kong recession began to bite.
Credit impairments for the fourth quarter alone totalled $373 million, up +34% on Q3. The bank said the full-year increase was driven by higher charges taken for performing loans, known as stage one and two loans under International Financial Reporting Standards (IFRS) 9 accounting standards
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